XML 41 R30.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Fair Values of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Fair Values of Assets and Liabilities [Abstract]

Fair Value, Assets Measured on Recurring Basis

		Fair Value Measurement Using
		Reporting Date
Description		Total			Level 1			Level 2			Level 3
March 31, 2024		(In thousands)
ASSETS
Available for Sale:
U.S. Treasury securities		$	44,676		$	-		$	44,676		$	-
U.S. Government agencies			19,828			-			19,828			-
States and political subdivisions			128,267			-			128,267			-
Mortgage-backed securities-government
sponsored entities			205,603			-			205,603			-
Interest rate derivatives			1,336			-			1,336			-
LIABILITIES
Interest rate derivatives			1,336			-			1,336			-
Description		Total			Level 1			Level 2			Level 3
December 31, 2023		(In thousands)
ASSETS
Available for Sale:
U.S. Treasury securities		$	53,600		$	-		$	53,600		$	-
U.S. Government agencies			15,996			-			15,996			-
States and political subdivisions			129,479			-			129,479			-
Mortgage-backed securities-government
sponsored entities			207,184			-			207,184			-
Interest rate derivatives			1,225			-			1,225			-
LIABILITIES
Interest rate derivatives			1,225			-			1,225			-

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

					Fair Value Measurement Using Reporting Date
(In thousands)
Description		Total			Level 1			Level 2			Level 3
March 31, 2024
Individually analyzed loans held for investment		$	3,666		$	-		$	-		$	3,666
Foreclosed Real Estate Owned			97			-			-			97
December 31, 2023
Individually analyzed loans held for investment		$	7,487		$	-		$	-		$	7,487
Foreclosed Real Estate Owned			97			-			-			97

Additional Qualitative Information about Level 3 Assets

	Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands)	Fair Value Estimate			Valuation Techniques	Unobservable Input		Range (Weighted Average)
March 31, 2024
Individually analyzed loans held for investment	$	3,666		Appraisal of collateral(1)	Appraisal adjustments(2)		10.0%-10.0% (10.0%)
Foreclosed real estate owned	$	97		Appraisal of collateral(1)	Liquidation Expenses(2)		10.0%-10.0% (10.0%)

	Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands)	Fair Value Estimate			Valuation Techniques	Unobservable Input		Range (Weighted Average)
December 31, 2023
Individually analyzed loans held for investment	$	7,487		Appraisal of collateral(1)	Appraisal adjustments(2)		0%-10.0% (2.68%)
Foreclosed real estate owned	$	97		Appraisal of collateral(1)	Liquidation Expenses(2)		16.67%-37.20% (28.07%)

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance.

(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

Fair Value, by Balance Sheet Grouping

	Fair Value Measurements at March 31, 2024
	Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Financial assets:
Cash and cash equivalents (1)	$	111,963		$	111,963		$	111,963		$	-		$	-
Loans receivable, net		1,603,428			1,535,585			-			-			1,535,585
Mortgage servicing rights		172			506			-			-			506
Regulatory stock (1)		6,545			6,545			6,545			-			-
Bank owned life insurance (1)		45,869			45,869			45,869			-			-
Accrued interest receivable (1)		8,135			8,135			8,135			-			-
Financial liabilities:
Deposits		1,838,998			1,832,638			1,080,822			-			751,816
Short-term borrowings (1)		60,055			60,055			60,055			-			-
Other borrowings		151,179			150,963			-			-			150,963
Accrued interest payable (1)		11,737			11,737			11,737			-			-
Off-balance sheet financial instruments:
Commitments to extend credit and ‎outstanding letters of credit		-			-			-			-			-

	Fair Value Measurements at December 31, 2023
	Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Financial assets:
Cash and cash equivalents (1)	$	66,120		$	66,120		$	66,120		$	-		$	-
Loans receivable, net		1,584,650			1,521,667			-			-			1,521,667
Mortgage servicing rights		188			506			-			-			506
Regulatory stock (1)		7,318			7,318			7,318			-			-
Bank owned life insurance (1)		46,439			46,439			46,439			-			-
Accrued interest receivable (1)		8,123			8,123			8,123			-			-
Financial liabilities:
Deposits		1,795,159			1,800,104			1,086,050			-			714,054
Short-term borrowings (1)		74,076			74,076			74,076			-			-
Other borrowings		124,236			124,058			-			-			124,058
Accrued interest payable (1)		10,510			10,510			10,510			-			-
Off-balance sheet financial instruments:
Commitments to extend credit and ‎outstanding letters of credit		-			-			-			-			-

(1)This financial instrument is carried at cost, which approximates the fair value of the instrument

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration